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If you're tryin to achive a similar sound then use 50 cent's cd as a reference when you're mixing. Get the things you need.. You seem to have an idea.. a decent mic, pre, soundcard & some software etc.. & get busy.. Is it gonna sound as good as a major label release? No. Not unless you have a major label budget.. & even then, if you're recording it yourself, you dont have major label engineering talent. So I say just get the essentials you need & jump in.. The sooner you start, the sooner you'll learn.
I'm familiar with what you're talkin about with 50's whoo kid joints when he'd spit 16's.. I've actually done alot of recording of mixtape drops for djs like clue, green lantern, kay slay & a few others.. & you have to realize that the quality of most mixtape drops is low because cats will come to the studio with a 2trk beat cd that aint mixed right & you have to work with it.. I recorded fabolous, jewelz santana, taj mahal, unkassa(dipset).. alot of mixtape work for cats before they blew up..
& PS: A shameless plug:
If you're lookin for alot of the drums used on 50 cent, They're available at Bangin-Beats.com, Shady records is a big customer & my drum sound design is all over 50 cent's record.